How a self-directed 401k can help you beef up retirement investing, with Dmitriy Fomichenko
#54: In all my prior jobs except the current one, I can now say in hindsight that my 401k sucked.
It only offered 10-15 fund options…which is like being forced to shop for weekly groceries in a gas station mini-mart when you know that Kroger is on the other side of the street.
Their fund expense ratios were mediocre, even for the passive funds. You couldn’t beef up pre-tax money with additional after-tax money. There was no mega-backdoor Roth conversion option.
These are really easy ways for companies to create value for employees via 401k plans. Why they are so often deficient when it comes to these things, I’m sure I don’t know.
Luckily, there is a way you can take greater control over your 401k money (or IRA for that matter) to invest more freely and build wealth.
It’s called a self-directed retirement account.
This week, I chat with Dmitriy Fomichenko, a financial planner who specializes in using self-directed retirement accounts “with checkbook control” to beef up your investing and retirement planning strategy.
What you’ll learn:
Check it out here:
https://hackyourwealth.com/self-directed-retirement-account-401k-IRA
Are you satisfied with your 401k? Why or why not? Does a self-directed account sound appealing? Why or why not? Let me know by leaving a comment when you’re done.
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Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom.
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